| Northchase Apartments, which landed in foreclosure last year, has been purchased by Atlanta-based Cortland Partners. The 519-unit community (with occupancy of 70%) plans a major renovation. The cost of the acquisition, including the planned renovation, is $15.2M. Northcase is in Dunwoody on Peachtree Industrial. It has one-, two- and three-bedroom residences averaging 1,300 SF. Three-fourths of the units are townhomes and more than a third have three bedrooms -a configuration that Cortland prez Steven DeFrancis likes. |
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